The full form of IPI is Industrial Production Index. The current base year for measuring the Index of Industrial Production (IIP) is 2011-12. On the 12th of every month, Index of Industrial Production (IIP) estimates are released. You can read about the Index of Industrial Production [UPSC Economy Notes] in the given link.

The eight core sectors used for measuring the Index of Industrial Production are Electricity, Steel, Coal, Crude Oil, natural gas, refinery products, cement, and fertilisers.

Further readings:

1. Merger of NSSO and Central Statistical Office (CSO) to form National Statistical Office (NSO)
2. Core Sectors of the Indian Economy